KUALA LUMPUR: JF Apex expects oil and gas counters, UEM SUNRISE BHD. NI HSIN RESOURCES BHD, Malaysia Steel Works (KL) Bhd (Masteel), MARINE & GENERAL BHD and PETRONAS CHEMICALS GROUP BHD (PetChem) to be among the stocks to watch on Tuesday.
The research house noted the surge in crude oil prices following a strike on the heart of Saudi Arabia’s oil production increased geopolitical risk concerns. The strike, which removed about 5% of global energy supplies, sent oil prices soaring.
UEM Sunrise’s agreement with Ascendas Hospitality Trust to sell the service apartment component of the former’s Aurora Melbourne Central mixed development in Melbourne, has fallen through.
Ni Hsin is looking to work together with Satumarin Sdn Bhd to venture into the oil and gas (O&G) industry. Satumarin is involved in providing professional offshore marine services and logistics support, project management and marine technical consultancy services to the O&G industry.
Masteel has proposed a private placement of up to 42.5 million shares to Macquarie Bank Ltd, as the group looks to raise cash to repay its bank borrowings.
Marine & General has bagged a contract from Hess Exploration and Production Malaysia B.V. worth approximately RM12.9mil with an additional RM6.5mil for an optional extended term.
PetChem has completed the acquisition of Dutch firm Da Vinci Group BV, marking the group's maiden entry into specialty chemicals.
Meanwhile, US markets declined overnight and ended its 8-day winning streak following concerns of global economic slowdown as oil prices spiked following a drone attacks on Saudi oil facility.
Earlier, European stocks tumbled amid geopolitical tension on the Middle East after the attack.
“Despite the bearish performances in the US and Europe, the FBM KLCI could be positive today with higher oil prices and potential ringgit appreciation.
“Immediate support and resistance are seen at 1,590 and 1,630 points, ” JF Apex said.